Safe Bulkers 4Q Net Revenues Up by 34%

Safe Bulkers reported fourth-quarter of 2017
revenues of $2.9 million $42.4 million increased by 34% from
$31.7 million during the same period in 2016.

Net loss for the fourth quarter of 2017 was $86.6 million as
compared to $4.6 million, during the same period in 2016.

For the year, the company reported that its loss widened to $84.7
million, or 98 cents per share. Revenue was reported as $148
million.

In December 2017, the Company took delivery of Agios Spyridonas,
a second-hand, 92,000 dwt, South Korean 2010 built, dry-bulk,
Post-Panamax class vessel, sistership of its two existing
Post-Panamax class vessels, at an attractive price. The
acquisition was financed from cash on hand.

As of February 9, 2018, our operational fleet comprised of 39
drybulk vessels with an average age of 7.6 years and an aggregate
carrying capacity of 3.5 million dwt.

"Our fleet consists of 14 Panamax class vessels, 9 Kamsarmax
class vessels, 13 post- Panamax class vessels and 3 Capesize
class vessels, all built 2003 onwards. Upon delivery of our last
contracted drybulk newbuild Kamsarmax class vessel, scheduled for
2018, and assuming no additional vessel acquisitions or
disposals, our fleet will comprise of 40 vessels, 11 of which
will be eco-design vessels, with an aggregate carrying capacity
of 3.6 million dwt," said a statement from the company.